As per the latest reports, the TATA group is now planning to invest around 5000 crores for a facility that will manufacture components for the smartphone market-leader, Apple.
An investment of 5000 crores will be made by the Tata Group for a manufacturing plant in Tamil Nadu to develop components for iPhone-maker Apple.
CM Edappadi K Palaniswami, in a tweet on Wednesday, said, “It is a matter of great pride that the Tata group shall invest Rs 5,000 cr in TN. The Tatas join the ranks of international giants like Foxconn, Dell who have made their base in our State.”
Tata electronics, a new entity, has been allotted land of 500 acres by TIDCO (Tamil Nadu Industrial Development Corporation). The land has been allotted for the manufacturing plant that will develop components of the iPhones. The plant will be situated in the industrial complex in Hosur, Tamil Nadu.
There is also a possibility that the investment amount can be raised to 8000 crores by the TATA group, later.
However, Tata Group has disproved the news telling that the facility will be used for manufacturing Apples’ components. A representative from the company has said, “We are setting up an electronic components plant in Tamil Nadu which is not dedicated to any specific company.”
The plant has the capability to employ 18000 People, and 90% will Be Women:
As per sources, Titan Engineering, and Automation (TEAL) which is a unit of Titan will provide assistance in setting up the production facility in India. The Bhoomi Pujan of the new facility was done on October 27.
Reports suggest that the new manufacturing facility will employ around 18000 employees by October 2021 and 90% of them will be women. Multiple similar projects by some big names, including Flex, Foxconn, Motorola, Samsung, Dell, Nokia, and BYD are already running in Tamil Nadu.